Edinburgh-based oil and gas giant Cairn Energy has sold a 3.5 per cent interest in Cairn India, the group announced on Friday.
Cairn said that shareholders authorised the board at its general meeting in May to dispose of all or part of its residual interest in its Indian oil subsidiary.
It has completed an on-market sale of 67m shares in the division for a consideration of $360m "which will be used to help fund Cairn's stated strategy and provide greater operational flexibility."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
According to market reports, the proceeds will be used to support Cairn's recent spate of acquisitions.
Following the transaction, the group retains an 18.3% shareholding in Cairn India.
Five things not to put in a will
There are many things to consider when writing a will. But what about things NOT to put in a will? We spoke to legal experts who told us about what you should leave out of a will.
By Nicole García Mérida Published
Autumn Statement: Households still face an extra £4,000 tax bill despite NI cuts
News Autumn Statement tax give-aways will be offset by fiscal drag, the Resolution Foundation warns
By Marc Shoffman Published